Bill Text: NY A07162 | 2019-2020 | General Assembly | Introduced

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Bill Title: Provides for an increased personal income tax deduction for medical expenses incurred by a New York taxpayer to include medical insurance premiums and long term care premiums.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A07162 Detail]

Download: New_York-2019-A07162-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          7162
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                     April 10, 2019
                                       ___________
        Introduced  by M. of A. RAMOS -- read once and referred to the Committee
          on Ways and Means
        AN ACT to amend the tax law, in relation to providing for  an  increased
          state personal income tax deduction for medical expenses
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Subsection (d) of section 615 of the tax law is amended  by
     2  adding a new paragraph 2-a to read as follows:
     3    (2-a) for taxable years beginning on or after January first, two thou-
     4  sand  nineteen, an amount equal to the amount expended by a taxpayer for
     5  qualifying medical expenses as determined pursuant  to  this  paragraph.
     6  Qualifying  medical  expenses  shall  be calculated by (a) multiplying a
     7  taxpayer's federal adjusted gross income by two  and  one-half  percent;
     8  and  then  (b)  subtracting the amount determined in subparagraph (a) of
     9  this paragraph from the total amount expended by a taxpayer  during  the
    10  tax  year  for  all medical related expenses including premiums paid for
    11  health and accident insurance, and long term care insurance; and
    12    § 2. This act shall take effect immediately.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07465-01-9